(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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TheWorks.co.uk PLC - Birmingham-based retailer of arts, crafts, toys, books and stationery - Delivers "resilient" performance in the year ended April 30 despite a "challenging backdrop". Total sales increased 6.1% year-on-year to GBP316.6 million from GBP298.4 million. Stores sales, which represent 98% of total sales, deliver a like-for-like increase of 7.5%. Online sales, meanwhile, decline 15% year-on-year. Expects to reports an adjusted earnings before interest, tax, depreciation and amortisation result for financial 2023 in line with company-complied market forecast estimate of GBP9.0 million. Adjusted Ebitda for financial 2024 seen at GBP10.0 million, which the company says is "comfortable". Final results will be announced on July 21.
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Michelmersh Brick Holdings PLC - Haywards Heath, England-based brick manufacturer - At the company's annual general meeting, Chair Martin Warner says that the company has continued to add to its forward order book since reporting its full-year results in March. Adds that production volumes have continued in-line with expectations and is pleased with FabSpeed's start to the year in the first full-year of ownership. FabSpeed is a brick fabricator and manufacturer of off-site pre-built brick products. Notes that wider demand across the construction industry has been impacted by the higher interest rate environment. Remains on track to meet full-year expectations.
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Fintel PLC - Huddersfield, England-based company that provides business support and financial market services - Says it is trading in line with expectations and is continuing to benefit from a strong balance sheet. Its net cash position at April 30 is GBP13.6 million, up from GBP12.8 million at December 31. "The board remains confident that Fintel's strategy, underpinned by positive market dynamics, positions it well to deliver strong and sustainable growth. We look forward to updating shareholders again in our half year trading update in July 2023 and interim results in September 2023," the company says.
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Safestyle UK PLC - St Helier, Jersey-based retailer and manufacturer of PVCu replacement windows and doors - Says its trading has remained in-line with its recently revised expectations. Notes it has maintained the price increases enacted late last year to mitigate input cost inflation but has slowed the rate of further price progression as input cost increases moderate. Company is pleased with further increases to its brand awareness following its TV and radio campaign. Confident this will help underpin growth aspiration for the medium-term. Company on track with its programme to reduce its cost base and improve margins. Expects these will positively impact its underlying performance. Full-year guidance remains unchanged. Separately, company notes that 31% of its shareholders voted against resolution two at its annual general meeting on Thursday. The resolution is for the approval of the directors' remuneration report.
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NIOX Group PLC - Oxford-based medical device company - Reports that its business has continued to perform well in the new year, with total revenue in the first four months of 2023 up 21% against the year prior. Its core Clinical business sees revenue growth of 28%. Gross margin remains "robust". Adjusted earnings before interest, tax, depreciation and amortisation for the first four months of the year is "well ahead" of expectations. Reports a cash balance of GBP22.3 million at April 30, up from GBP19.4 million at December 31. Chair Ian Johnson says: "The effect of the growth in revenues, robust margins and the lower level of overheads means that adjusted Ebitda for the full year is now likely to be significantly higher than management expectations at the start of the year."
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Voyager Life PLC - Perth, Scotland-based health and wellness company supply cannabidiol, hemp seed oil and hemp-related products - Reports UK revenue in the year ended March 31 totalled GBP307,00, representing an increase of 73% against the year prior. Notes an 68% average gross margin across all its UK business lines. Says the integration of its Polish CBD extraction and manufacturing facility is progressing well. Adds the Polish teams has begun developing a new range of CBD oils for the Voyager brand. Says it is currently engaging in negotiations with potential new customers. Notes there can be no guarantee any of the negotiations will materialise into firm contracts but, based on the depth of the conservations to-date, company is optimistic.
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Jardine Matheson Holdings Ltd - Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships - Says most of its businesses have performed strongly in the first quarter of 2023. Astra, DFI Retail Group, Mandarin Oriental, and Jardine Pacific all deliver increases in underlying net profit. However, company notes challenges remain from the global economic environment and the softening of commodity prices. Nonetheless, says it is confident in the resilience of its markets and says it is well-positioned to benefit from their recovery.
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By Heather Rydings, Alliance News senior economics reporter
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